Macrotech Developers (Lodha) reported a 11% decline in Q4 profit, but FY24 saw a 3x jump to Rs 1,549.1 cr. The company delivered pre-sales of Rs 14,500 crore for FY24 and reduced net debt well below 0.5x of equity.
Photograph: Shailesh Andrade/Reuters
New Delhi, Apr 24 (PTI) Realty firm Macrotech Developers on Wednesday reported an 11 per cent decline in consolidated net profit to Rs 665.5 crore in the March quarter.
However, for the full fiscal year, the company registered a three-fold jump in profit to Rs 1,549.1 crore.
Its net profit stood at Rs 744.4 crore in the fourth quarter of 2022-23 and Rs 486.7 crore in the entire 2022-23 fiscal.
The company's total income grew to Rs 4,083.9 crore in the quarter under review from Rs 3,271.7 crore in the year-ago period, the company said in a regulatory filing.
During 2023-24, the company's total income rose to Rs 10,469.5 crore from Rs 9611.2 crore in the 2022-23 fiscal.
Macrotech is one of the leading real estate firms in the country. The company markets its properties under Lodha brand.
Abhishek Lodha, MD & CEO, Macrotech Developers, said, "Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from branded developers."
Driven by the strength of its brand, Lodha said the company delivered pre-sales of Rs 14,500 crore for FY24, thus meeting its guidance of delivering consistent and predictable 20 per cent growth.
"We are pleased to note that we have achieved our guidance of reducing our net debt well below 0.5x of equity.
"Robust operating cash flows and our capital raise led to net debt coming down by over Rs 4,000 crore during the year to Rs 3,000 crore which is less than 0.2x of equity," Lodha said.
The company has also added new projects of over Rs 20,000 crore during the last fiscal year.
"This makes us unique housing company to achieve the troika of significant pre-sales growth, robust business development, along with significant debt reduction showcasing our brand strength and operational prowess," Lodha said.
The company's enhanced financial strength will provide an opportunity to accelerate margin as well as top line growth as the capital is invested over the next 6-12 months, he said.
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